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How Much Is The Cost Of House Selling

How Much Is The Cost Of House Selling


Most people are in need to sell house fast. But they don’t know the exact amount of procedure. As a result, they adopt an indecisive nature, which deprives them of a good selling value.

Let’s look at the most common costs:

1. Real Estate Commissions

While contacting cash home buying companies and property dealers to hook you up with safe buyers, who are interested in buying your property, you will need to pay some commission.

There is no fixed price of a commission however, in most places, a realtor takes about 5% – 6% of total commission.

These rates are mostly negotiable so don’t fret. Instead of percentage, some realtors take a fixed amount as commission. In any case, it is better to clear any doubt by mutually discussing the commission beforehand, in terms of writing.

2. Taxes

These vary from city – city and state – state. When you are in need to sell house fast, you will be owed a prorated property tax. If you are a good citizen who has paid his taxes, the due tax amount can be close to zero while if you have dodged taxes, you could end up owing several thousand dollars.

A LTT – local transfer tax is applicable in some states, which is paid by seller. This tax is responsible for paperwork involved in changing name of possession party. The tax varies but it is mostly 0.01 – 2% of total sale.

A CGT – capital gains tax is applied on your property if your profit from selling of your house exceeds $250,000. For married couples with tax joint returns, the amount is $500,000.

Sometimes, a neighborhood has a homeowner association. In that case, you and the buyer may need to pay HOA transfer fee.

3. Insurance Price

A title insurance protects the buyer, in case there is some issue with history of home ownership. If buyers are applying for a mortgage, they tend to purchase a title policy. Traditionally, sellers are known to get a separate policy for their new homeowner. Policy costs from $500 – $1000.

4. Mortgage Price

When you sell your home, you will need to pay off your mortgage. Because of interest charges, the payoff amount enlisted on your last mortgage statement. You will then, need to know of the latest payoff amount.

If your mortgage plan comes with prepayment penalty, it will be added to due amount.

5. Home Repair Costs

Unless you are in need to sell house fast and selling the house on ‘as it is’ condition, you will need to invest a little on house repairs to get a good selling value of your property.

You can consult your real estate agent as well as independent home inspectors to know about generic estimates of your home.

6. Moving Charges

Congratulations! You have sold your house but wait! All your house possessions won’t just move from one house to another. You will need cardboard boxes to move the materials yourself or get a professional moving company which will take a little fee and help you in relocation of your goods.

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As always, if you need any assistance, buying or selling your next home, contact us at Blue Eyes Properties, LLC, (315)288-3737 and we’ll help you any way we can. You can also email us at 315homebuyers@gmail.com

Blueeyesproperties.com

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References:

  1. https://www.nerdwallet.com/blog/mortgages/how-much-does-it-cost-to-sell-a-house/

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